Home Market news MetaMask Imposes No Taxes on Crypto, ConsenSys Confirmed

MetaMask Imposes No Taxes on Crypto, ConsenSys Confirmed

  • The dissemination of misinformation quickly gained momentum.
  • ConsenSys clarified that it solely collects sales taxes for specific paid services and not for other purposes.

ConsenSys, the company responsible for the crypto wallet MetaMask, has dispelled rumors regarding its collection of taxes from cryptocurrency users. On May 22, the company clarified that these rumors stemmed from a misinterpretation of MetaMask’s terms of service, emphasizing the presence of inaccurate information.  

According to reports, ConsenSys addressed several Twitter posts that brought attention to section 4.2 of the MetaMask terms of use. These posts claimed that the section implied a modification that would enable the company to retain taxes. 

Within a short period, the allegation gained significant traction across different digital platforms. It garnered attention on Reddit’s r/CryptoCurrency subreddit, amassing over 450 upvotes and sparking more than 500 comments. Furthermore, the claim spread to several prominent crypto news sites and gained visibility on YouTube.

In its clarification, the company emphasized that the tax section in its terms of service solely pertained to products and paid plans offered, with no connection to on-chain crypto transactions.

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